|Status : Published||Published On : Feb, 2021||Report Code : VRAT4070||Industry : Automotive & Transportation||Available Format :||Page : 208|
The global unmanned surface vehicle (USV) market was valued at USD 1,513.0 million in 2019 and is expected to reach USD 3,098.0 million by 2027, growing at a CAGR of 13.0% during 2021-2027. The growth of this market is attributed towards rapid need for mapping data pertaining to ocean globally along with extensive requirement for maritime security. These vehicles are extremely efficient in estimating the threats and monitoring water quality. In order to prevent water bodies from getting contaminated the government authorities globally are undertaking initiatives in order to combat this situation and unmanned surface vehicle performs significant role and helps the government in conducting surveillance.
Unmanned surface vehicle (USV) commonly known as autonomous surface vehicles operates on the water surface without any requirement of crew or person on it. These vehicles are considered to be extremely affordable as compared to that of other research and weather vehicles. The unmanned auto pilot system (UAPS20) drives this vehicles and is extremely beneficial in discovering places where climatic condition is rough and enables smooth collection of data without putting life at stake for any individual. Increasing benefits of this vehicle is thereby strengthening the growth of global unmanned surface vehicle (USV) market.
Insight by Mode of Operation
On the basis of mode of operation, the global unmanned surface vehicle market is segmented into autonomous surface vehicle and remotely operated surface vehicle. Amongst these segments, autonomous surface vehicle segment is expected to generate larger revenue by 2027 due to excessive utilization of these vehicles in commercial and defense applications. The ability of these vehicles to perform uninterrupted operations without human intervention for both military and commercial operations makes it an attractive segment.
Insight by Size
Bases upon size, the global unmanned surface vehicle market is subdivided into small, medium, large, and extra-large. Amongst these segments, large segment is anticipated to generate largest revenue by 2027 as these large segments are gaining huge acceptance in defense industry such as for combating operations, ISR activities and resupply and cargo.
Insight by Type
On the basis of type, the global unmanned surface vehicle market is subdivided into surface and sub-surface. Amongst these segments, surface is expected to witness higher CAGR during the forecast period as being on surface USV can easily locate operator on land and other vessel.
Insight by Application
On the basis of application, the global unmanned surface vehicle (USV) market is subdivided into defense and commercial. Amongst these segments, defense is expected to witness higher CAGR during the forecast period. The defense sector needs to identify probable threats and occurrence that could be national danger as a result to which it USV is gaining greater acceptance in this sector.
Increasing research and development activities in the hydrography and oceanography field along with rapid need for monitoring anti-submarine warfare and ocean quality are the key trends witnessed in the global unmanned surface vehicle market.
Extensive contamination undertaking in the ocean fresh waters and requirement of preventing the contamination along with increasing need for trustable, highly advances and reliable USVs specifically in the military domain are the key factors that are driving the growth of global unmanned surface vehicle market. Unmanned surface vehicle in military domain is used for mine hunting and discovering seaborne targets. Moreover, USVs are considered to be crucial vehicles for using it in hydrographic survey. Utilizing small USV in parallel to conventional survey vessels act as a force multiplier aims at doubling survey coverage and thereby reducing the on-time site.
Lack of capability of collision detection of the USVs, availability of low cost unmanned underwater vehicle and remotely operated underwater vehicle are they factors that are anticipated to hinder the growth of global unmanned surface vehicle market.
Geographically, North America is the largest unmanned surface vehicle (USV) market and is expected to generate largest revenue by 2027. The growth of the market in this region is attributed towards increasing incidents of violence in countries along with rampant technological upgradation. Moreover, the U.S. is considered to be the largest operator, developer and developer of USVs that is further escalating the growth of unmanned surface vehicle (USV) market.
Moreover, Europe is expected to witness highest CAGR during the forecast period due to extensive demand for water quality monitoring and ocean data mapping. Furthermore, rampant demand for autonomous surface vehicles used by navies for ISR activities and oceanographic studies are other factors driving the growth of unmanned surface vehicle market in this region.
Key players in the unmanned surface vehicle (USV) market are catering to the demand of these devices by investing in technologically advanced products in their product portfolio across the globe.
Some of the major players operating in the global unmanned surface vehicle (USV) market are Textron Inc., ECA Group, Rafael Advanced Defense Systems, ASV Global, Israel Aerospace Industries, Atlas Elektronik, Teledyne Technologies, 5G International, SeaRobotics, Liquid Robotics, Maritime Robotics, and Elbit Systems.
VynZ Research conducts extensive primary research to understand the market dynamics, validate market data and have key opinions from the industry experts. The key profiles approached within the industry includes, CEO, CFO, CTO, President, Vice President, Product Managers, Regional Heads and Others. Also, end user surveys comprising of consumers are also conducted to understand consumer behaviour.
Source: VynZ Research
Source: VynZ Research